Europe Puts its Crisis to Good Use

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The European Central Bank relieved world financial markets not too long ago when it made clear its willingness to provide needed liquidity. Even in the face of new concerns about Spain, that commitment has helped calm markets. Less in the headlines, but perhaps even more welcome, are the fundamental economic reforms, particularly in labor markets, that have begun to emerge in the beleaguered nations on Europe’s periphery. These efforts ultimately promise a more durable response to Europe’s problems than any financial aid from the ECB or elsewhere.